READ IT: Elon Musk’s Formal Letter To Twitter Chairman In Bid To Buy Company
Tesla founder Elon Musk stressed his belief that Twitter should be a platform used to proliferate the principle of free speech in a formal letter to Twitter’s Chairman of the Board Bret Taylor, an SEC filing reveals.
Musk, 50, made the remarks in his proposed bid to outright buy Twitter in a multi-billion-dollar cash offer.
“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk said in the letter, referring to his recent move to become the platform’s largest individual shareholder.
“However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form,” he asserted. “Twitter needs to be transformed as a private company.”
Musk then made his “best and final offer,” suggesting that he’d likely sell his shares if his offer is not accepted.
“As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,” he wrote. “My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.”
“Twitter has extraordinary potential,” Musk closed the letter. “I will unlock it.”
Read the letter in full, below:
Bret Taylor
Chairman of the Board,
I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy.
However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.
As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder.
Twitter has extraordinary potential. I will unlock it.
/S/ Elon Musk
Related: Elon Musk Offers To Buy Twitter In Deal Worth More Than $40B
Related: Twitter Issues Press Release Addressing Elon Musk’s ‘Unsolicited’ Bid To Outright Buy Platform
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